Latest news with #SQM
Yahoo
8 hours ago
- Business
- Yahoo
CChEN approves Codelco's subsidiary to extract lithium in Salar de Atacama
The Chilean Nuclear Energy Commission (CChEN) has authorised Minera Tarar, a subsidiary of Codelco, to commence lithium extraction in the Salar de Atacama from 1 January 2031. The decision is pivotal for the operational continuity of the anticipated joint venture between Codelco and SQM. Minera Tarar has been granted an initial maximum extraction of 2.5 million tonnes (mt) of lithium metal equivalent (LME) over 30 years, potentially increasing to 3.01mt of LME. This is contingent upon the submission of an updated resource evaluation report and obtaining the necessary Environmental Qualification Resolution. The approval from CChEN ensures that the future partnership can operate without interruptions in lithium production and commercialisation once the current SQM Salar contract ends in 2030. To facilitate operational viability, CChEN has also sanctioned the advancement of part of the extraction quota from 1 January 2029, to mitigate production lags due to the natural delay between brine extraction and lithium marketability. Codelco chairman of the board Máximo Pacheco stated: 'The approval of this request by the CChEN is excellent news for Chile. It represents a key step forward in ensuring the operational continuity of the new public-private partnership we are promoting with SQM.' The development complements other recent regulatory approvals in Chile and internationally, furthering the fulfilment of the preconditions for the Codelco-SQM partnership agreement. In a related development, Rio Tinto has entered binding agreements with Codelco to form a joint venture for the Salar de Maricunga lithium project in Chile, with a planned investment of up to $900m. Rio Tinto will acquire a 49.99% stake in Salar de Maricunga, the entity holding Codelco's licences and mining concessions, by financing studies and development costs. "CChEN approves Codelco's subsidiary to extract lithium in Salar de Atacama" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
a day ago
- Business
- Bloomberg
Chile Lithium Expansion Cleared by Little-Known Nuclear Agency
A little-known nuclear agency signed off on a proposal that clears the way for a major lithium expansion over the coming decades in Chile, the nation with the biggest reserves. The Chilean Nuclear Energy Commission, or CCHEN by its Spanish initials, approved a request by Codelco for extraction at the Atacama salt flat operation — currently controlled by SQM — from 2031 to 2060.
Reuters
a day ago
- Business
- Reuters
Chile's Codelco secures lithium quota needed for SQM partnership, company says
SANTIAGO, July 1 (Reuters) - Chile's state-run copper producer Codelco said on Tuesday that it received regulatory approval for a lithium extraction quota that is key to its planned joint venture with Chilean lithium miner SQM. Chile's nuclear energy regulator CCHEN approved an initial extraction of 2.5 million metric tons of lithium metal equivalent (LME) per year from 2031 to 2060, Codelco said.
Bloomberg
2 days ago
- Business
- Bloomberg
Codelco Sticks to SQM Lithium Deadline as Deal Opposition Mounts
Chilean state mining company Codelco is on track to finalize a landmark deal with lithium supplier SQM well before the next government takes office next year, a company official said Monday. Amid mounting political opposition to the transaction heading into presidential elections, Codelco is sticking with its deadline of completing all pending approvals by the end of September, the Codelco official said. Those approvals include a final nod from Chilean nuclear agency CCHEN, community consultation and Chinese antitrust approval. China's Tianqi Lithium Corp. is a key shareholder in SQM.
Yahoo
25-06-2025
- Business
- Yahoo
Chilean lithium miner SQM begins laying off 5% of local workforce
By Fabian Cambero SANTIAGO (Reuters) -Chilean lithium miner SQM has begun laying off workers in its Chilean operations, according to a union memo to workers seen by Reuters on Wednesday. A union source said the dismissals would amount to 5% of its workforce nationwide. SQM employed 8,344 people in Chile and elsewhere at the end of last year, with three-quarters working at the northern Chile operations where it extracts lithium, a key battery metal. SQM declined to comment. The memo from the Sindicato SQM Salar union, dated Tuesday, said company management had informed the group's president that 25% to 30% of the layoffs would correspond to "general roles," and the rest to supervisors. They would take place at SQM's offices in Santiago as well as the Atacama salt flat and its lithium processing plant, the memo said. "As a union we regret the decision taken by the company, which affects our members, and we categorically question the reasons behind it," the memo said, without providing further details. Lithium miners worldwide have been hit by a protracted slump in global prices, forcing some companies to pull back on plans and trim workforces, including U.S. firm Albemarle, which is the only other lithium miner in Chile. SQM, the world's second biggest lithium miner, also makes fertilizers and industrial chemicals. The company missed first-quarter profit estimates and said it expected lower lithium prices to continue in the second quarter due to global oversupply. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
